Just locked in a 2.75% refi rate after 4 years of waiting

I was sitting in my car outside the bank after signing papers, and it finally hit me that all those months of watching rates and gathering documents actually paid off, anyone else feel like the paperwork is the worst part of the whole process?

3 comments

3 Comments

sandragrant10d ago

The paperwork is definitely the worst part, I felt like I was drowning in forms and then they asked for the same document three times." That wait was brutal but you beat the system, 2.75 is basically free money at this point.

quinn34110d ago

That line about "free money" comes up a lot, but it's not really accurate. At 2.75% you're still paying the bank over 27 grand a year in interest on every 100k you borrow. That's not free, that's just cheap compared to what we've been seeing lately. I'd say more like you got a good deal, not free money. The paperwork part though, yeah that drags. I refinanced a rental property last year and the underwriter asked me for the same pay stub three times. I just kept sending it like a robot. But at least you're locked in now and don't have to think about it again.

brooke_murray9d ago

Spent way too long staring at my own signature thinking I was missing something obvious... classic. But yeah @quinn341 you're right, calling it free money is a stretch. At 2.75% you're still bleeding a bit, just not as much as everyone else right now. I think the real win is not having to talk to a loan officer for the next 30 years. That's the part that feels priceless.